Pomalaa

Open-pit lateritic nickel mine under construction in the Pomalaa + Sua-Sua Block (Pomalaa 20,286 ha plus Sua-Sua 4,466 ha = 24,752 ha concession area), Kolaka Regency / Bumi Wonua Mekongga, Southeast Sulawesi. Mining project work began November 2023, reaching 60% progress by end-2025; initial saprolite ore sales of 298,259 wmt were executed during 2025 from Bulk Sample Test (BST 2023) stockpile reclaim. The mine is scheduled to begin commercial ore production in Q2 2026 alongside the Pomalaa HPAL processing project (50% complete; first mechanical completion targeted Q3 2026), operated by JV partner PT Kolaka Nickel Indonesia (KNI). Cobalt is recovered at HPAL pricing (RPEEE @ US$67,500/t Co). Cutoff for Pomalaa Limonite uses a Nickel-Equivalent basis (the only block using Ni-Eq); other blocks use Ni only.